Sentences with phrase «beneficiary under the policy»

Alternatively, the employer may own and pay for the policy but permit the employee to name the beneficiary under the policy for a portion of the death benefit.

However, the carrier did send a check to the insured woman's husband, who was the beneficiary under the policy, for the amount of premiums that had been paid.

The beneficiaries under the policies were often their parents who did not need the money.

The IRS covers this in Section 264 (a)(1) and provides that there is no deduction allowed for premiums paid on any life insurance policy, or endowment or annuity contract, if the taxpayer is directly or indirectly a beneficiary under the policy or contract.

The difference is in the way the Sum Assured is paid to the nominee or beneficiary under the policy.

The premiums for a key - man insurance policy ARE NOT tax deductible IF the taxpayer is directly or indirectly beneficiary under the policy or contract.

Not exact matches

This means that if you die due to an accident while covered under a life insurance policy with an AD&D rider, your beneficiaries could receive up to twice your face amount — one payout equal to your face amount from the life insurance half of the policy, and another payout from the AD&D rider.

Under the policy, beneficiaries will not have to pay admission fees, library fees, science centre fees, computer lab fees, examination fees and utility fees, according to the government.

This means that if you die due to an accident while covered under a life insurance policy with an AD&D rider, your beneficiaries could receive up to twice your face amount — one payout equal to your face amount from the life insurance half of the policy, and another payout from the AD&D rider.

Life Insurance Trust: A type of life insurance policy where a trust company is named as the beneficiary and distributes the proceeds of the policy under the terms of the trust agreement.

«Guaranteed 48 hours Fund Value release» means release of the cheque on intimation of death of Life Insured towards the Fund Value accrued under your policy, in the beneficiary's name within 48 hours and does not in any way indicate acceptance of any other policy liability.

Commutation Right: The right of a beneficiary to receive in a single lump - sum the remaining payments under an installment option which was selected for the settlement of the proceeds of life insurance policy.

In the event of the death of the policyholder under the specified policy terms, beneficiaries may choose to use financial proceeds to cover many areas, including:

MBIA held a variable interest in these entities, which resulted from its insurance policies, and had determined that it was the primary beneficiary under FIN 46 (R).

Learn more about how life insurance benefits are paid out to beneficiaries and under what circumstances you may have to pay taxes on a policy's proceeds.

If the beneficiaries are from the following group of people the policy is protected under the law: grandparents, parents, spouse, children, grandchildren.

Beneficiary — A person or entity that will receive the death proceeds paid under a term life insurance policy.

Depending on the bank's policy, the beneficiary may be able to maintain the CD under his or her name.

Under the Family Law Act or the Divorce Act, a court can order a support payor to designate the support recipient as the irrevocable beneficiary of a life insurance policy to ensure funds exist at the time of the payor's death to satisfy his (or her) support obligations specified in the support order.

Though it's not exactly a family law issue, it is important for will - drafting lawyers to confirm the identity of beneficiaries under insurance policies and similar investments, especially where the proceeds of these policies are expected to fund bequests made under the will.

The duty of care was not defeated under the second branch of the Anns test, which deals with public policy considerations that would weigh against a duty of care, because it was in the public interest that professional accountants who undertake to create wills do so with care not only for the best interests of their clients but also for the intended beneficiaries under those wills.

In particular, the question was where a support payor owns a life insurance policy and is required to name the support recipient as irrevocable beneficiary of the policy, what rights does the support recipient have to the policy proceeds in the face of a competing claim of another dependant of the deceased payor brought under the Succession Law Reform Act («SLRA»).

On August 31, 1998, his father changed the beneficiary designation under the insurance policy to the appellant.

The Beneficiary of the term life insurance policy is currently listed under Sally's name.

Under the first option, the beneficiaries can only receive the face amount of the policy.

Commutation Right: The right of a beneficiary to receive in a single lump - sum the remaining payments under an installment option which was selected for the settlement of the proceeds of life insurance policy.

This rider enables your spouse, if he or she is the sole primary beneficiary, to continue your policy upon your death as the new owner, at a potentially higher policy value that includes any amount that would be payable under the Enhanced Beneficiary Benbeneficiary, to continue your policy upon your death as the new owner, at a potentially higher policy value that includes any amount that would be payable under the Enhanced Beneficiary BenBeneficiary Benefit Rider.

Most visitors insurance plans don't want a minor — that is, a person under the age of 18 — named as the beneficiary of any insurance policy.

Instead, you should set up a trust to benefit the child and name the trust as the beneficiary of the policy, or name an adult custodian for the life insurance proceeds under the Uniform Transfers to Minor Act (UTMA).

All employer - owned or corporate - owned life insurance is specifically covered under IRS Code Section 1.264 - 1 (a) and states the premiums paid on the life of any officer, employee, or person financially interested in a business carried on by the taxpayer are not deductible where the taxpayer is directly or indirectly a beneficiary of the policy.

Benefits is the amount paid by the insurance provider to a beneficiary who filed a claim under the terms of his / her policy.

Life Insurance is an agreement between an insurance company and a policyholder, under which the insurer guarantees to pay an assured some of the money to the nominated beneficiary in the unfortunate event of the policyholder's demise during the term of the policy.

A beneficiary is an individual, institution, trustee, or estate which receives, or may become eligible to receive, benefits under a will, insurance policy, retirement plan, trust, annuity, or other contract.

Instead, it's best to set - up a trust to benefit the child and name the trust as the beneficiary of the policy, or name an adult custodian for the life insurance proceeds under the Uniform Transfers to Minor Act.

However, in case the beneficiary is under 18, the policyholder has to select an «Appointee», who will receive all the policy benefits until the nominee reaches 18 years.

Under a traditional term life policy, you get to name a beneficiary.

Filed Under: Life Insurance 101 Tagged With: life insurance beneficiary, life insurance claim denied, life insurance payout, reasons a life insurance policy death benefit denied

The benefits arising from life assurance policies are generally not taxable as income to beneficiaries (again in the case of approved benefits, these fall under retirement or withdrawal taxation rules from SARS).

It is the benefit payable to the beneficiary on the event of the death of the life assured under the terms of the policy.

Beneficiary — A person or entity that will receive the death proceeds paid under a life insurance policy.

Death Claims: In case of a claim under your life insurance policy, your beneficiary needs to submit following documents:

Learn more about how life insurance benefits are paid out to beneficiaries and under what circumstances you may have to pay taxes on a policy's proceeds.

For example, under option A, a $ 50,000 universal life policy with $ 20,000 available in the cash - value account will pay out $ 50,000 to the beneficiary — $ 20,000 from the cash - value account and $ 30,000 from the insurer.

The following are not considered a settlement under state insurance regulations: • A loan from an insurer under the terms of the life insurance policy (e.g., a policy loan) • A loan from a third party where the policy's cash value is used as collateral (collateral assignment) • A beneficiary designation without a transfer of value • A beneficiary designation of someone with an insurable interest in the insured

When the insured person dies, the remainder of the death benefit is paid to the Beneficiary, just as under a traditional life insurance policy.

A contingent beneficiary is defined as the person or organization who would receive under the terms of the life insurance policy if the primary beneficiary can not or chooses not to receive the death benefit proceeds.

When the insured dies, the remainder of the death benefit is paid to the beneficiary, just as under a traditional life insurance policy.

Hence any money back received as part of the product structure or amount accumulated under a traditional endowment or unit linked plan will simply be payable to the beneficiary at the maturity of the policy.

According to the federal law, any surety company has no right to change the beneficiary of an insurance policy unless otherwise instructed by the insured and under exceptional conditions.

[3] The early victims of AIDS in the U.S. were largely gay men, typically relatively young and without wives or children (the traditional beneficiaries under a life insurance policy), but often covered by life insurance through employment or as a result of investments.